People v. Couzens

At issue in this case is whether assets deposited by the custodian in an account established under the Uniform Transfer to Minors Act, MCL 554.521 et seq., become the property of the principal or whether they may be withdrawn by the account’s custodian for his own use. The Court of Appeals concluded that transfers made pursuant to the act are irrevocable and the custodial property placed in such an account is indefeasibly vested in the minor. We agree, and accordingly affirm the Court of Appeals decision on this issue. Defendant’s application for leave to appeal on the remaining issues is…